IBM Services

FEBRUARY 13, 2024

For sourcing teams, that means pivoting their mindset around selecting suppliers from a tactical, lowest-cost-above-all approach to a strategic one. Where tactical sourcing is a short-term strategy, strategic sourcing is for long-term business goals. And from that group, 71% would pay a premium for it.

Strategic Sourcing 84

Strategic Sourcing Sourcing Supply Chain Management Inventory Management 84

Sourcing Captain

SEPTEMBER 16, 2021

As we have discussed in our previous blogs, strategic sourcing is the perfect and innovative way to reduce costs, achieve a faster time to market and improve the quality of the final product. Moreover, it has been shown that 88 percent of organizations consider strategic sourcing as critical or major.

Strategic Sourcing 130

Strategic Sourcing Sourcing Management Reduced Costs 130

Ivemsa

SEPTEMBER 28, 2022

Sourcing quality suppliers is essential to a production’s efficiency and overall success. The common urge is to select the cheapest price for material procurement, though this could eventually cost more due to a lack of quality. Develop a Sourcing Strategy. The other common sourcing strategy is a request for proposal (RFP).

Strategic Sourcing 52

Strategic Sourcing Nearshoring Sourcing Manufacturing 52

IBM Services

JANUARY 16, 2024

Research During this phase, the new product idea is placed within the context of the current market. Firms might conduct market research related to their new feature or product line, solicit customer feedback, or engage focus groups. This will become the sample as materials and vendors are sourced for mass production.

Engineering 80

Engineering Manufacturing Collaborations Research 80

Obobo

MARCH 23, 2023

For companies looking to reduce costs, procurement is often one of the first places they look. Cost reduction during procurement processes can be accomplished through various strategies that range from the short-term to medium and long-term goals. Short-term Cost Reduction Strategies Short-term Cost Reduction Strategies: 1.

Reduced Costs 52

Reduced Costs Inventory Management Automation Sourcing 52

Planergy Software

SEPTEMBER 5, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. It typically involves the following steps: Setting Financial Objectives Start by determining your short-term and long-term financial goals, such as increasing revenue, reducing costs, or improving profitability.

Finance 92

Finance Software Accounting Management 92

Obobo

MARCH 30, 2023

If you’re responsible for a procurement team , reducing costs is probably one of the main goals you care about. In fact, cutting costs is the primary KPI for most purchasing organizations. But what’s the best way to measure and report those cost savings ? What are the Benefits of Procurement Cost Savings?

Analytics 40

Analytics Reduced Costs Strategic Sourcing Software 40